2008 Interim ResultsInvestor PresentationCEO, Tony Robinson 20 February 2008

4

Agenda

CEO Overview

Business Unit Performance

Strategic Outlook

5

Operational Overview

• Strong operational performance

• Building funds flow capabilities

• Costs controlled

A solid business with strong foundations

6

Financial Overview

• $34.6b in closing FUMA – small increase from net flows offset by fall in equity and property markets

• Underlying* EBITA of $22.7m – up 21% from 2H 06/07

• Underlying* Net Profit after Tax of $15.7m – up 22% from 2H 06/07

• Reported Net Profit after Tax of $5.7m – down on 2H 06/07 reflecting balance sheet revaluations (largely AIFRS)

• Interim dividend of 15 cents per share fully franked (stable)

• Strong balance sheet

A sound financial performance

* Underlying results exclude the impact of investment value write downs, PIPL acquisition and share agreement liability revaluations – see Appendix E

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Underlying profits restored whilst investing in growth

Financial Overview

EBITA equates to profits before interest, tax, amortisation and asset sales* Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

H1 2008 H2 2007Change on

half (%) H1 2007Change on

pcp (%)

Underlying* EBITA $22.7m $18.7m 21% $23.4m -3%

Underlying* NPAT $15.7m $12.9m 22% $16.4m -4%

Reported NPAT $5.7m $8.3m -31% $14.1m -59%

Underlying* EPS (cents) 23.1 20.2 14% 25.8 -10%

Reported EPS (cents) 8.4 13.0 -35% 22.1 -62%

DPS (cents) 15.0 18.0 -17% 15.0 0%

Operating efficiency 66% 68% 2% 61% -5%

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Funds growth – half on half

Positive net flows performance offset by market

$23.8b$26.8b

$30.5b $32.3b$34.6b$34.8b

$4.2b

$(3.9b) $(0.5b)

Jun-2005 Dec-2005 Jun-2006 Dec-2006 Jun-2007 Inflow s Outflow s M arket Dec-2007

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Gross Margin – half on half

Margin pressure offset by FUM growth and diversification

$53.6m$55.1m

$60.0m

$71.4m$73.9m

$65.3m

0.47%

0.43%0.42%

0.41%

0.43%0.42%

Jun-2005 Dec-2005 Jun-2006 Dec-2006 Jun-2007 Dec-2007

Gross margin includes equity accounted contribution from PVM. Acquisition of an additional 2.3% PVM equity in March 2007 has no material impact

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$25.4m$28.1m

$2.4m $2.8m

$6.6m$8.7m

$31.8m

$43.2m

$2.1m $2.3m $2.8m$5.1m $5.5m

$51.3m

$2.7m$1.8m $2.8m $3.1m

$5.0m $6.9m

$51.4m

Salaries Marketing Occupancy Computer Professional fees Other* Total

1H 2006/07 2H 2006/07 1H 2007/08

Operating Costs – by category

Investment in capability increases salary costs

* Other includes a component of shareholder liability revaluation which is not considered a significant item 1H 2007/08 $1.3m; 2H 2006/07 $2.2m; 1H 2006/07 nil

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Assets

Perennial Investment

Partners

IOOF Portfolio Solutions

Consultum Financial Advisers

Investor

IOOF Investor Solutions

Business unit

Business units and funds

Exposure across the value chain

Contribution not recorded in IOOF

Group FUMA

Retail FUA $7.5b Retail FUM $4.7b Retail FUM $3.2b

Wholesale FUM $19.2bFUMA contribution

Funds / Services

Aust ValueAust Fixed IntAust GrowthInternational

AsiaReal Estate

Pursuit / IPS

Lifetrack

Financial Advice

Dealer Group Support Services

Multi-Investment manager

Investment bonds

Private Clients

Asset Management

Administration Services

Financial Advice

Structured Products

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16% compounding annual growth in FUMA since 2005

Funds by business

$11.7b $13.7b$17.0b $18.2b $19.2b

$1.7b$2.0b

$2.3b$2.6b

$3.0b

$4.6b$4.7b

$4.9b$4.6b

$4.8b $4.7b

$5.8b$6.3b

$6.4b$6.9b

$7.5b

$19.5b

$3.2b

$7.5b

$23.8b$26.8b

$30.5b$32.3b

$34.8b $34.6b

Jun-2005 Dec-2005 Jun-2006 Dec-2006 Jun-2007 Dec-2007

Portfolio SolutionsInvestor SolutionsPerennial RetailPerennial Wholesale Total

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Positive net flows offset by market

Funds growth by business

Net Flows

$34.8b $34.6b

$(486m)$(103m)

$90m$493m

$(183m)

Jun-2007 PerennialWholesale

PerennialRetail

PortfolioSolutions

InvestorSolutions

Market Dec-2007

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$19.2b

$3.2b

$4.7b

$7.5b

FUMA H1 2008 Asset Class H1 2008 Asset Class H2 2007

Funds by Asset Class

Fixed interest

Property

Aus Equities

Int’l Equities

Other 1%

Perennial Wholesale

Portfolio Solutions

51%

29%

6%

13%

$34.6b $34.8b

Investor Solutions

Stable exposure across a range of asset classes

Perennial Retail

Other 2%

51%

29%

6%

12%

$34.6b

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Underlying earnings across the value chain

Business Contribution

EBITA equates to profits before interest, tax, amortisation and asset sales* Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

$m H1 2008 H2 2007 H1 2007 Relative contrib (%)

Perennial 9.9 8.1 6.4 44%

Portfolio Solutions 12.3 13.0 13.6 54%

Investor Solutions 8.7 9.9 8.7 38%

Consultum (1.0) (1.9) (1.7) -4%

Corporate (7.2) (10.4) (3.6) -32%

Underlying EBITA 22.7 18.7 23.4 100%

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$15.7m

$5.7m

$9.6m$5.3m

$16.8m

$1.1m$2.1m $1.1m $0.1m

$4.4m

$19.8m$17.8m

$4.6m

$3.8m$3.7m

2H 2007 Perennial Portfolio Solutions Investor Solutions Consultum Corporate 1H 2008

Corporate

Operating Costs by business

Central costs curbed to allow business investment

Consultum

Investor Solutions

Portfolio Solutions

Perennial

$51.3m $51.4m

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Perennial

Highlights• Continuing to develop products and distribution

Australia Overseas• Product Small Cap Global High Alpha• Distribution Retail Irish Trust

USA

• Continued high levels of achievement as recognised within the industry…..

H1 2008 H2 2007 H1 2007 Relative contrib (%)

Revenue ($m) 65.9 61.2 51.5 44%

Gross Margin ($m) 22.2 20.3 16.2 32%

Cost to Income Ratio 64% 63% 69% n/a

Underlying EBITA ($m) 9.9 8.1 6.4 44%

Funds Under Management ($b) 22.4 22.5 20.8 65%

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Awards for Perennial

Best Fund Manager in Money Magazine's Best of the Best 2008 Awards

First for Fixed Interest in the Best Australian Fixed Interest Funds category

Second for our Balanced Funds the Best Growth Funds category

Second for the Value boutique in the Best Australian Shares Funds category

Third for the Growth boutique in the Best Australian Shares Funds category

The Australian Financial Review Smart Investor Blue Ribbon Award for Global Listed Property

Perennial Value Shares Wholesale Trust: Highly Recommended

Perennial Global Property Wholesale Trust: Highly Recommended

Perennial Growth Shares Wholesale Trust: Recommended Perennial Value Shares Wholesale Trust: Highly Recommended

Perennial Global Property Wholesale Trust: Highly Recommended

Perennial Growth Shares Wholesale Trust: Recommended

Perennial Value Shares Wholesale TrustHighly Recommended

Perennial Global Property Wholesale TrustHighly Recommended

Perennial Growth Shares Wholesale TrustRecommended

Perennial Value Shares Wholesale TrustHighly Recommended

Perennial Global Property Wholesale TrustHighly Recommended

Perennial Growth Shares Wholesale TrustRecommended

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Perennial Funds performance

Quartile

*Source: Mercer MPA Surveys (returns are excess over median Survey manager to 31 December 2007^ Perennial Value is above median over both periods against similar value managers

Median outperformance

2

2

4

4

1

1

5 year performance*1 year performance*

1

3

32

3

4

4

(5.5%)

(0.9%)

0.1%

(0.5%)

1.8%

7.1%

(7.6%)

1.4%

(2.6%)

(5.6%)

2.7%

(0.4%)

4.5%

Australian Lis ted Property

As ian Equities

Value Australian Shares^

Australian Fixed Interes t

International Equities

Global Property Securities

Growth Aus tralian Shares

Global Shares High Alpha • Perennial Real Estate performing well against other global listed property competitors

• Perennial Value performing well against other value manager competitors

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Highlights• Pursuit net inflows $241m for the half year - up $60m on second half of prior year

and $228m on pcp

• 9 new dealer groups signed up

• Reinvigorated relationship with key distribution partners (e.g.Bendigo Bank)

• Projects and initiatives underway to gain efficiencies and improve service levels

Portfolio Solutions

H1 2008 H2 2007 H1 2007 Relative contrib (%)

Revenue ($m) 60.5 58.7 57.4 40%

Gross Margin ($m) 32.1 30.8 29.7 46%

Cost to Income Ratio 62% 58% 54% n/a

Underlying EBITA ($m) 12.3 13.0 13.6 54%

Funds Under Administration ($b) 7.5 7.5 6.9 22%

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Highlights

• Strategic review of all existing product sets

• Reinvigorating investment bond capabilities

• Improved marketing and distribution of Multi Manager capabilities

Investor Solutions

H1 2008 H2 2007 H1 2007 Relative contrib (%)

Revenue ($m) 19.8 18.9 17.9 13%

Gross Margin ($m) 14.0 14.0 13.2 20%

Cost to Income Ratio 40% 32% 36% n/a

Underlying EBITA ($m) 8.7 9.9 8.7 38%

Funds Under Management ($b) 4.7 4.8 4.6 14%

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Highlights

• Developed a market leading software offering through XPLAN

• New adviser focussed "business to business" value proposition has been well received

• Increased media presence and market exposure

• On track to reach 120+ advisers by year end

Consultum

H1 2008 H2 2007 H1 2007 Relative contrib (%)

Revenue ($m) 17.2 14.5 17.0 11%

Gross Margin ($m) 1.4 0.9 1.1 2%

Cost to Income Ratio 132% 202% 157% n/a

Underlying EBITA ($m) (1.0) (1.9) (1.7) -4%

Funds Under Advice* ($b) 2.3 1.9 n/a n/a

* Not included in IOOF Group aggregate FUMA

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Progress Summary 2007/08

• Sound underlying result - reported profitability distorted by AIFRS driven volatility

• Restores profitability following the impact of 2H 2007 PIPL acquisition and 1H 2008 adverse market conditions

• Costs kept to 2H 2007 levels whilst maintaining an investment in the future

• Encouraging trends in Portfolio Solutions and Perennial Retail net flows

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Strategic Outlook – 2008/09

• Businesses will continue to develop capability and products

• IOOF will use its operating capability and strong balance sheet to pursue acquisition opportunities

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Questions?

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Appendix A - Underlying Cash Earnings & EBITA

EBITA equates to profits before interest, tax, amortisation and asset sales* Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

$m H1 2008 H2 2007 H1 2007 Change on pcp (%)

Gross margin 70.3 67.3 61.5 14%

Non operating income 3.6 3.6 5.0 -28%

Share of net profits from PVM 3.6 4.1 3.7 -3%

Operating expenses (51.4) (51.3) (43.2) -19%

Underlying* Cash earnings 26.1 23.7 27.1 -4%

Dep'n and Amort'n of DAC (2.2) (2.9) (2.4) 6%

Share based payments (1.7) (1.1) (1.3) -31%

Provision for doubtful debts 0.6 (1.0) - 100%

Underlying* EBITA 22.7 18.7 23.4 -3%

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Appendix B - Statutory Accounts reconciliation

*Adjustments consist of de-consolidating entries

6 months ending December 2007 Statutory financials

Benefit funds Adjust* Corporate

financialsManagement fees & Commission revenue 153.4 (9.8) - 143.6

Commissions and other direct expenses (102.7) 29.3 - (73.3)

Gross margin 50.7 19.6 - 70.3

Non operating income 40.1 (37.0) 0.5 3.6

Share of Net profits from PVM 3.6 - - 3.6

Operating expenses (51.5) 0.0 - (51.4)

Depreciation of assets (0.8) - - (0.8)

Amortisation of DAC (1.5) - - (1.5)

Provision for doubtful debts 0.6 - - 0.6

Employee share plans (1.7) - - (1.7)

Underlying EBITA 39.5 (17.4) 0.5 22.7

Amortisation of intangible assets (0.7) - - (0.7)

Profit / (Loss) on assets (12.8) 12.7 - (0.1)

Interest expense (0.3) - - (0.3)

Profit before tax and sig. items 25.7 (4.6) 0.5 21.6

Significant items (10.0) - - (10.0)

Profit before tax 15.7 (4.6) 0.5 11.5

Income tax (8.4) 4.1 - (4.3)

NPAT 7.2 (0.5) 0.5 7.2

OEI (1.5) - - (1.5)

NPAT attributable to shareholders 5.7 (0.5) 0.5 5.7

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Appendix C – Balance Sheet

$mAIFRS

H1 2008CorporateH1 2008

CorporateH2 2007

Tangible Assets 1,344.8 145.0 151.9

Intangible Assets 199.6 199.6 197.2

Total Assets 1,544.4 344.6 349.1

Member liabilities (1,170.6) - -

Total Liabilities (1,320.6) (116.5) (154.6)

Equity 223.8 228.1 194.5

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Appendix D – Cash Flow

$mAIFRS

H1 2008CorporateH1 2008

CorporateH1 2007

Opening cash 509.3 39.5 91.4

Net operating in/(out) flows 152.2 31.8 10.8

Net financing in/(out) flows (10.0) (10.0) 11.2

Net investing in/(out) flows (1.8) (1.2) (67.3)

Closing cash 649.7 60.1 46.1

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Appendix E - Significant items excluded from calculation of underlying results

• PIPL option holders – value of options previously held by certain key PIPL executives

• PIPL acquisition costs – recognises the movement in present value of the probable future settlement liability upon finalisation of the acquisition of PIPL minorities in 2009

• PIPL share agreements liability - relates to IOOF's commitment to provide liquidity, under certain circumstances, in the vested shares held by parties previously classified as minority interests in two Perennial subsidiaries

• PIPL restructuring – costs incurred realigning retail activities within PIPL following full ownership

• Investment sale/revaluation losses – disposal or write down on alliance investments which are no longer strategically congruent

Significant items ($m) H1 2008 H2 2007 H1 2007

PIPL option holders - - (0.8) PIPL Acqn costs (2.4) (2.6) - PIPL share agreements liability reval (5.3) (2.0) - PIPL restructuring - - (2.1) Investment sale/revaluation losses (2.3) - - Significant items before tax (10.0) (4.6) (2.9) Income tax impact - - 0.6 Significant items after tax (10.0) (4.6) (2.3)